Older state pensioners set for lower £374 triple lock boost under Andy Burnham

Older state pensioners set for lower £374 triple lock boost under Andy Burnham Older state pensioners are set to receive a much lower boost. Share Article Share Article Facebook X LinkedIn Reddit Bluesky Email Copy Link Link copied Add us as preferred source Comments By Alex Evans , Deputy Audience Editor 18:56, Sun, Oct 25, 2026 The DWP is set to hand out more to state pensioners (Image: Getty) Older state pensioners are set to be handed a lower triple lock boost to their income than the amount given to new, post-2016 state pensioners. New state pensioners are in line for a boost to their state pension worth approximately £489 a year. That’s because the Triple Lock forecasts show that right now, the benefit is set to increase by 3.9% in April 2027. Article continues below ADVERTISEMENT The new state pension was introduced in 2016 and applies to all men born after April 5, 1951 and women born after April 5, 1953. Everyone who gets the full new State Pension could be handed another £489 a year thanks to the Triple Lock , according to the latest figures. But older state pensioners - who hit state pension age before April 2016 - are set to put up with a lower £374 annual boost, according to the now-final triple lock calculations. Get personal finance news, money saving tips and advice plus selcted offers and competitions I would like to receive emails from the Daily Express featuring our latest products, services, offers, and promotions from across the Reach Plc family . Subscribe Invalid email You agree you are 18 or over. We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. This may include adverts from us and third parties based on our knowledge of you. You can unsubscribe at any time. More Info . The DWP has to increase the amount paid to those who receive the state pension each year due to the ‘Triple Lock’ system, which enshrines in law that everyone who is eligible for the handout from the Department of Work and Pensions must see an increase each year, either level with inflation, wage growth or by 2.5%, whichever is highest. New Prime Minister Andy Burnham has already committed to the triple lock for the upcoming Budget this October, despite plans to scrap it from 2030. It means that, for now, the triple lock will increase as normal in 2027, 2028 and 2029. Article continues below ADVERTISEMENT Older state pensioners given boosted £192 per week after triple lock rise State pensioners told to refuse state pension for £727 a year extra cash Right now, wage growth is higher than inflation. Inflation sits at 3.5%, while wage growth sits at 3.9%, and these are the final figures which will be used to calculate the triple lock for April 2027. Article continues below ADVERTISEMENT The absolute minimum rise possible is £313.69 for a new state pensioner, as this is the minimum floor 2.5% for an increase, and £240.37 a year for an older state pensioner, also based on the 2.5% minimum. The Office for National Statistics (ONS) said on Wednesday that the rate of Consumer Prices Index (CPI) inflation was 3.5% in September, accelerating from 3.1% in August. But this does not beat the 3.9% wage growth figure that had already been published. This would put someone on the full new state pension on course to receive £250.70 per week from next April – up from £241.30 per week currently. Someone on a full basic state pension would receive £192.10 per week, increasing from £184.90, reaching around £9,989 per year. Helen Morrissey, head of retirement analysis at Hargreaves Lansdown, said: “The state pension is, and will remain, a firm foundation on which to build your retirement income. “However, the reality is it is only going to cover the basics no matter how it is increased. If you want to maintain the lifestyle you enjoyed while working, it’s important to make the most of your pension. “Taking small steps, such as boosting contributions whenever you get a pay rise or promotion, can be really useful. If your employer will increase their contribution if you increase yours, then that can also really pay off long-term.” Prime Minister Andy Burnham has previously said that from April 2030, Labour plans to adjust the triple lock, which is used to increase state pensions each April. The state pension overhaul would help to fund a new National Care Service in England. Under the plans, the state pension would continue to rise every year at least by CPI (Consumer Prices Index) inflation or 2.5%. The door would still be left open to it rising by more than this if needed in some years, so that the state pension holds its value relative to average worker earnings. DWP State Pension Triple lock Andy Burnham Retirement Benefits Share Article Share Article Facebook X LinkedIn Reddit Bluesky Email Copy Link Link copied Add us as preferred source Comments